Pengaruh Praktik Good Corporate Governance dan Luas Voluntary Disclosure Terhadap Manajemen Laba dan Cost of Debt (Studi Empiris pada Sektor Manufaktur Di Indonesia Yang Terdaftar di BEI Tahun 2007-2010)
FARHANA, SITI (Adv.: Sumiyana, Dr., M.Si.,Akt.), Sumiyana, Dr., M.Si.,Akt.
Penelitian ini bertujuan untuk mengetahui pengaruh praktik good corporate governance (GCG) dan tingkat luas voluntary disclosure terhadap managemen laba dan mengetahui pengaruh praktik good corporate governance dan tingkat luas voluntary disclosure terhadap cost of debt. Pengukuran praktik GCG diproksikan dengan indikator komposisi komisaris independen, kepemilikan managerial, kepemilikan institusional, dan kualitas audit. Voluntary disclosure diukur menggunakan metode scoring dari kriteria yang telah ditentukan. Managemen laba diukur menggunakan rumus Modified Jones Model (1995) dengan menggunakan discretionary accrual. Penelitian ini menggunakan tiga variabel pengendali yaitu ukuran perusahaan, profitabilitas, dan debt equity ratio.
Pengambilan sampel dilakukan dengan menggunakan metode purposive sampling. Sampel yang digunakan sebanyak 84 sampel perusahaan manufaktur yang listing di Bursa Efek Indonesia dari tahun 2007-2010. Metode analisis yang digunakan adalah menggunakan regresi linear berganda.
Hasil penelitian menunjukkan bahwa komposisi komisaris independen, kepemilikan managerial, dan kepemilikan institusional memilki pengaruh negatif terhadap managemen laba sedangkan, kualitas audit dan tingkat voluntary disclosure tidak memiliki pengaruh signifikan terhadap managemen laba. Hasil penelitian juga menunjukkan bahwa kepemilkan institusional dan tingkat voluntary disclosure memiliki pengaruh negatif terhadap cost of debt sedangakan, tingkat voluntary disclosure memiliki pengaruh positif terhadap cost of debt. Namun, komposisi komisaris independen dan kepemilikan managerial tidak memiliki pengaruh signifikan terhadap cost of debt.
The purpose of this research is to study the significant effect of good corporate governance (GCG) practices and voluntary disclosure on earning management and to study the significant effect of good corporate governance practices and voluntary disclosure to cost of debt. GCG practices were measured by four proxies such as proportion of independent commissionaire, managerial ownership, institutional ownership, and audit quality. Voluntary disclosure was measured by scoring method of the predetermined criterias. Earning management was measured by discretional accrual based on Modified Jones Model (1995). This research used three control variables such as firm size, profitability, and debt equity ratio.
Sampling method used in this study is purposive sampling. The samples consist of 84 manufacture companies which have listed in Indonesia Stock Exchange from 2007-2010. Moreover, the analysis method used in this study is multiple linear regression.
The results of this research concluded that proportion of independent commissionaire, managerial ownership, and institutional ownership have negative effect on earning management. Meanwhile, audit quality and voluntary disclosure have no significant effect on earning management. The results of this research also concluded that institutional ownership and audit quality have positive effect on cost of debt but voluntary disclosure has positive effect on cost of debt. Meanwhile, independent commissionaire and managerial ownership have no significant effect on cost of debt.
Kata Kunci : good corporate governance, voluntary disclosure, earning management, cost of debt, managemen laba,
